In a domestic situation losing a key can be frustrating. A locksmith can be called to replace the lock and provide replacement keys and, although costly in time and effort it does not usually involve significant expense. In commercial settings the impact can be far greater. One institution in America had to spend more than $500,000 replacing locks after a set of master keys had been lost.
In the event of keys being lost, not only will organisations have to replace the keys, but the locks will also need rekeying or replacing and there is an increased security risk in the time between key loss and the reinstatement of locks. The threat of uncontrolled access and theft or other criminal acts is real.
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